Below was released in May last year I understand his What I...

Below was released in May last year

I understand his

What I don't understand is why you wouldn't be doing this now.

20 May 2022
ASX ANNOUNCEMENT
Touch Ventures Limited announces on-market share buy-back
Touch Ventures Limited (ASX:TVL) (Touch Ventures or Company) advises that it intends
to conduct an on-market buy-back of its ordinary shares during the 12 month period
between 3 June 2022 and 2 June 2023 (Buy-Back). Full details of the Buy-Back are set out
in the Company’s Appendix 3C lodged with ASX today.
Capital structure
Under the Corporations Act 2001 (Cth) (Corporations Act), companies are permitted to
buy back up to 10% of the lowest number of voting shares on issue during the previous 12
months, without requiring shareholder approval. Accordingly, the Company proposes to
acquire up to a maximum of approximately 46 million ordinary TVL shares, being 10% of
the lowest number of shares on issue during the previous 12 months.
The number of shares purchased, the purchase price and timing of the Buy-Back will
depend on the Company's share price and market conditions. The Company reserves the
right to vary, suspend or terminate the Buy-back at any time.
Commencement date
Under the Corporations Act, the earliest date that the Company will be permitted to buy
back any share on-market is 3 June 2022, being 14 days from the date that the Company’s
ASIC Form 281 was lodged on 20 May 2022.
Objectives
The Touch Ventures share price has consistently traded at a significant discount to its Net
Tangible Assets (NTA) per share over the last six months. The Board anticipates that a buyback will be accretive to the NTA and represents a prudent capital management strategy.
The Company proposes to fund the Buy-Back from existing cash reserves.
Notwithstanding funds to be utilised for the Buy-Back, the Company will still maintain
considerable cash reserves and the Company will continue to focus on its portfolio and
seek out new investment opportunities
This announcement has been authorised for release to the ASX by the Touch Ventures
Board of Directors.
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